Pet Valu (TSE:PET) Sets New 1-Year High - Time to Buy?

Key Points

• Pet Valu Holdings Ltd. reached a new 52-week high with its stock trading at C$38.04, reflecting a significant increase from its previous close of C$37.14.
• Several brokerages have upgraded their target prices for Pet Valu, with Barclays and Desjardins both increasing their targets to C$41.00 and providing "overweight" and "buy" ratings, respectively.
• Pet Valu recently announced a quarterly dividend increase from $0.11 to $0.12 per share, translating to an annual yield of 1.3%.

Pet Valu Holdings Ltd. (TSE:PET - Get Free Report)'s stock price reached a new 52-week high during trading on Friday . The stock traded as high as C$38.04 and last traded at C$38.02, with a volume of 86747 shares. The stock had previously closed at C$37.14.

Analyst Upgrades and Downgrades

PET has been the subject of several analyst reports. Barclays upped their price objective on Pet Valu from C$32.00 to C$41.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 6th. Stifel Nicolaus upped their price objective on Pet Valu from C$33.00 to C$40.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. ATB Capital upped their price objective on Pet Valu from C$40.00 to C$41.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Desjardins upped their price objective on Pet Valu from C$38.00 to C$41.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Finally, National Bankshares upped their price objective on Pet Valu from C$38.00 to C$41.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. One investment analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the stock. According to data from MarketBeat.com, Pet Valu has an average rating of "Buy" and a consensus price target of C$40.22.

Pet Valu Stock Performance

The company has a market cap of C$2.71 billion, a P/E ratio of 31.45 and a beta of 0.81. The firm's fifty day moving average is C$34.74 and its two-hundred day moving average is C$29.78.

Pet Valu Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 16th were issued a $0.12 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.48 annualized dividend and a yield of 1.3%. This is an increase from Pet Valu's previous quarterly dividend of $0.11. Pet Valu's payout ratio is currently 36.27%.

Pet Valu Company Profile

Pet Valu Holdings Ltd is engaged in providing pet-related products through its stores. Its products include Dry Food, Wet Food, Frozen raw food, Jerky Treats, and Training treats among others. The services offered by the company include Dog Wash, Adoption, Grooming, and Frozen Raw.